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PORTLAND , PORTLAND, OR, UNITED STATE, July 19, 2022 /EINPresswire.com/ -- The industry is anticipated to grow as a result of increased demand for quick mobile payments and usage of mobile banking channels. As consumers' preferences migrate to digital payment technology, they expect a perfect user experience from mobile wallets.
Due to the increased amounts of digital payments, there is a growing need for safe and dependable payment gateways. As the number of online shoppers increases year after year, the volume of digital payments has skyrocketed, giving payment gateway suppliers a sizable market to thrive in.
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Impact of Covid-19 on the Global Payment Gateway Industry
• Since, the emergence of COVID-19 pandemic, the demand for cashless transaction has increased among people, considerably. This is majorly to avoid any further viral transmission of virus. Owing to this, the payment gateway market share has experienced a major growth in the pandemic time frame.
• Almost all types of businesses opted for online transaction in pandemic time period as online money transfer is a fast and a safe mode for money transaction.
The main challenge currently being faced by payment gateway market is the rise in customer risk of online fraud. The likelihood of some socially irresponsible individual misusing the account information required to use the online payment gateway to make an online payment is high.
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Globally, the payment gateway industry is expanding quickly owing to tremendous growth in online transactions and e-commerce transactions. The market is also extremely competitive, therefore major players are using a variety of techniques to grow their customer base with the launch of new payment gateway services such as the introduction of new products, collaborations, partnerships, and mergers.
The global payment gateway market share is segmented on the basis of type, enterprise size, end-use, and region. By type, the market is sub-segmented into hosted and non hosted. By enterprise type, the market is segmented into small & medium enterprise (SME) and large enterprise.
By end-use, the market is classified into travel & hospitality, BFSI, retail & ecommerce, media & entertainment, and others. By region, the payment gateway market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA.
Some of the leading payment gateway market players are PayPal Holdings, Inc., STRIPE, Visa Inc., Amazon.com Inc., FIS(Worldpay), Mastercard, PayU, BitPay, Inc., FISERV, INC.(BluePay), and JPMorgan Chase & Co.
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Key Findings of the Study
• Based on type, the hosted sub-segment emerged as the global leader in 2021 and non hosted sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on enterprise size, the large enterprise sub-segment emerged as the global leader in 2021 and small & medium enterprise sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on end-use, the BFSI sub-segment emerged as the global leader in 2021 and travel & hospitality sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.
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